Modelling by the Electric Vehicle Council suggests a $3000 government rebate towards vehicle-to-grid, or V2G, chargers would create $4500 in downward pressure on electricity bills Australia wide.
So called bi-directional technology allows energy stored in EVs during daylight hours and while power is cheap to be sold back during evening peaks.
According to the research, every dollar spent supporting V2G would mean a $1.50 return through lower wholesale prices and a reduced need for additional expenditure on infrastructure.
The benefit for participating EV owners would be handy too, with an extra $1000 per year in their pockets for exporting power when demand is high.
The council wants V2G chargers included in the federal government's $2.3 billion home battery program and says 600,000 contributing EVs would match the output of NSW's Eraring power station operating at full capacity.
There is major potential to make electricity cheaper and help stabilise the energy grid, according to CEO Julie Delvecchio.
"Just as Australia became a rapid global leader in rooftop solar, we have the opportunity now to lead the charge in vehicle-to-grid uptake," she said on Saturday.
"EVs can store up to five times more energy than a typical home battery."
Australia is already home to more than 350,000 EVs or "giant batteries on wheels", with a high proportion garaged in middle and outer suburbia.
"With some EVs now around $30,000, the up-front cost is making it more affordable for more Australians to make the switch to cheaper-to-run cars," Ms Delvecchio said.
"V2G unlocks the full benefit of EV uptake in a way that helps everyone - EV owner or not."
The council is calling for the home battery program to include $3000 rebates for 50,000 V2G chargers by the end of 2028 at a cost of $150 million.
It calculates this would create a national benefit of more than $230 million by 2033.
A study conducted by the University of Technology Sydney and iMove Co-operative Research Centre earlier this year found more than half of all Australians would like their car to double as a battery that could feed power back to the grid.
However big changes would be needed to make the process easier.
The high price of bi-direction chargers, persistent software issues and complicated installation processes were cited as the main issues.
The Australian Renewable Energy Agency issued a V2G roadmap in February that estimated 2.6 million households could be using the technology by 2040 to support the energy grid and save money.
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